Cassava Sciences (NASDAQ:SAVA) Trading 6.8% Higher

Cassava Sciences, Inc. (NASDAQ:SAVAGet Rating)’s stock price shot up 6.8% during mid-day trading on Friday . The company traded as high as $35.35 and last traded at $35.32. 15,307 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 1,169,701 shares. The stock had previously closed at $33.06.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. B. Riley lowered Cassava Sciences from a “buy” rating to a “neutral” rating and set a $44.00 price objective on the stock. in a research report on Wednesday, November 16th. Univest Sec dropped their price target on shares of Cassava Sciences from $12.00 to $11.00 in a research report on Tuesday, November 29th.

Cassava Sciences Stock Up 5.4 %

The business has a 50-day simple moving average of $34.37 and a 200-day simple moving average of $31.53. The company has a market cap of $1.40 billion, a PE ratio of -19.57 and a beta of 0.14.

Cassava Sciences (NASDAQ:SAVAGet Rating) last announced its earnings results on Monday, November 7th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.04). On average, research analysts forecast that Cassava Sciences, Inc. will post -1.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Cassava Sciences

Large investors have recently bought and sold shares of the company. IVC Wealth Advisors LLC boosted its stake in shares of Cassava Sciences by 3.3% in the fourth quarter. IVC Wealth Advisors LLC now owns 15,298 shares of the company’s stock worth $452,000 after acquiring an additional 483 shares during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Cassava Sciences during the fourth quarter worth $496,000. Bank of New York Mellon Corp raised its position in shares of Cassava Sciences by 10.7% in the third quarter. Bank of New York Mellon Corp now owns 128,794 shares of the company’s stock valued at $5,386,000 after buying an additional 12,408 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in shares of Cassava Sciences in the third quarter worth about $205,000. Finally, Balyasny Asset Management LLC purchased a new stake in Cassava Sciences during the 3rd quarter valued at about $283,000. 25.51% of the stock is currently owned by hedge funds and other institutional investors.

Cassava Sciences Company Profile

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Cassava Sciences, Inc, a clinical stage biotechnology company, develops drugs for neurodegenerative diseases. Its lead therapeutic product candidate is simufilam, a small molecule drug, which is completed Phase 2b clinical trial; and investigational diagnostic product candidate is SavaDx, a blood-based biomarker/diagnostic to detect Alzheimer's disease.

Further Reading

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